UPDATE 1-Property developer Land Securities taps Grainger's Vanessa Simms as CFO

(Adds details on incoming CFO, background)

Oct 28 (Reuters) - British property developer Land Securities Group Plc on Wednesday said it would appoint Vanessa Simms as its finance chief, replacing Martin Greenslade who announced his intention to step down from the role last month.

Simms is currently the chief financial officer of residential landlord Grainger and will join the company in June next year, Land Securities said.

The appointment of a new finance head comes at a time when the Bluewater-owner is looking to reinvest in its London portfolio and reduce its exposure to the retail sector.

The Financial Times reported here earlier this month that the FTSE-100 company will sell off close to a third of its property portfolio.

Last month, rival mall and office owner British Land said its Chief Executive Officer Chris Grigg would step down after 11 years in the role, handing over the reins to current finance head Simon Carter at a time when losses are mounting due to the coronavirus crisis.

Simms, with more than 20 years of experience in the real estate industry, previously held senior roles at property companies Unite Group and Segro. (Reporting by Samantha Machado in Bengaluru; Editing by Rashmi Aich)